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Magazine + Sections + Fashion + Art & Design + Travel + Food + Culture * Sports + Columns + Jason Gay + Sections + MLB + NBA + NFL Search [ ][Search] Share * Facebook * Twitter * LinkedIn * Copy Link * Markets Robinhood and Didi to Kick Off a Hot IPO Summer Bankers estimate that IPOs could raise some $40 billion in the coming months, the most ever during a summer stretch Private companies are flooding to special-purpose acquisition companies, or SPACs, to bypass the traditional IPO process and gain a public listing. WSJ explains why some critics say investing in these so-called blank-check companies isn't worth the risk. Illustration: Zoe Soriano/WSJ By Corrie Driebusch Close Corrie Driebusch * Biography * @cdriebusch * corrie.driebusch@dowjones.com Updated June 10, 2021 4:39 pm ET The IPO market is set to be scorching hot this summer. Chinese ride-sharing company Didi Chuxing Technology Co. made its IPO documents public Thursday, a major step toward its highly anticipated initial public offering. Robinhood Markets Inc.'s public filing is also looming, people familiar with the matter said. Both companies are poised to begin stock-market trading in July. Fund managers, venture capitalists, bankers and lawyers said they are busier than they have been in decades at this time of year, which is usually quieter. Some claim business is even crazier than during the dot-com boom of the late 1990s. From June through August, U.S.-listed IPOs could raise upward of $40 billion, some bankers estimate. That would eclipse the previous record of $32 billion over those three months, set last year, according to Dealogic data going back to 1995. That doesn't include money raised by special-purpose acquisition companies, or SPACs, which were going gangbusters earlier this year but have slowed. Some bankers said they are working with more than two dozen companies that have confidentially filed for IPOs and are considering starting roadshows to pitch investors in coming weeks. To Read the Full Story Subscribe Sign In [wsj-logo-b] Continue reading your article with a WSJ membership View Membership Options Resume Subscription We are delighted that you'd like to resume your subscription. You will be charged $ + tax (if applicable) for The Wall Street Journal. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service. Please click confirm to resume now. 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